Insecurity Now Major Threat To Real Estate Investment — HDAN

Executive Director of the Housing Development Advocacy Network (HDAN), Festus Adebayo, has warned that increase in insecurity in several parts of Nigeria posed a serious threat to investment in the real estate sector.

According to Adebayo, the surge in kidnapping, banditry, and general lawlessness could severely undermine both housing development and investor confidence.

He said the deteriorating security situation was already prompting developers to withdraw from construction sites.

The executive director said that if the federal government fails to address these security crises swiftly, the real estate sector, presently a powerful engine of job creation and economic growth, may grind to a near halt.

Adebayo stated, “We are of the view that with the perpetuation of the security challenges, the housing deficit of 22 million may worsen as real estate investment may drop in some parts of the country.”

In addition to security concerns, HDAN previously attributed a decline in real estate development in the country to rising construction costs, driven by both violence and inflation of building materials.

The net result, Adebayo argued, is declining appetite for property investment, especially in areas where the risk of attack is high.

The group called for urgent, coordinated action, including stronger security deployment, as well as more innovative  policies, transparency, and accountability in housing delivery.